内部控制缺陷及其修复对企业债务融资成本的影响——基于内部控制监管制度变迁视角的实证研究  

The Effect of Internal Control Defect and its Repair on the Debt Financing Costs——Based on the Empirical Research on the Change of Internal Control Supervision System

作　　者：林钟高[1] 丁茂桓 

机构地区：[1]安徽工业大学商学院会计系,243002

出　　处：《会计研究》2017年第4期73-80,共8页Accounting Research

基　　金：国家自然科学基金项目(71572002;71272220)的阶段性成果

摘　　要：与以往从缺陷静态视角的研究不同,本文以内部控制缺陷为基点,从缺陷修复与内部控制监管制度变迁两个动态视角,联合考察内部控制缺陷与修复对债务融资成本影响及其内部控制监管制度变迁在其中的调节作用。研究发现,内部控制缺陷提高了企业的风险不确定性,增加债务融资成本,而内部控制缺陷的修复降低了债务融资成本。进一步引入内部控制监管制度变迁之后发现,内部控制监管力度的加强明显提升了内部控制缺陷修复的进度,显著降低企业外部风险和债务融资成本。研究表明,内部控制缺陷的修复与政府内部控制监管力度的强化,两者内外联动相互促进,才能真正有助于建立高质量的内部控制制度,并且有效地发挥其对企业债务融资决策的风险管控作用,降低债务融资成本,提高融资效率。Different from the previous study of the static perspective from the defect,this paper examines the influence of internal control deficiencies and remediation on the cost of debt financing and the regulatory role of its internal control regulatory system in the two dynamic perspectives of defect repair and internal control regulatory system change.The study found that internal control deficiencies increased the cost of debt financing,and the repair of internal control deficiencies reduced the cost of debt financing.Further,we found that the strengthening of internal control supervision has obviously improved the progress of internal control defect repair and significantly reduced the external risk and debt financing cost.Research suggests that the defect repair of internal control and the government's internal control will be helpful to establish a high quality internal control system,reduce the cost of debt financing and improve the efficiency of financing.

关 键 词：内部控制监管 制度变迁 内部控制缺陷 债务融资成本 

分 类 号：F275[经济管理—企业管理]